Pactiv Evergreen (NASDAQ:PTVE) Shares Gap Down to $13.01

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) gapped down prior to trading on Thursday . The stock had previously closed at $13.01, but opened at $12.61. Pactiv Evergreen shares last traded at $12.66, with a volume of 180 shares traded.

A number of research firms have weighed in on PTVE. BMO Capital Markets upgraded Pactiv Evergreen from a “market perform” rating to an “outperform” rating and set a $16.00 target price on the stock in a research note on Wednesday, September 29th. Zacks Investment Research lowered Pactiv Evergreen from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 10th. Mizuho began coverage on Pactiv Evergreen in a research note on Tuesday. They issued a “buy” rating and a $16.00 target price on the stock. Citigroup increased their target price on Pactiv Evergreen from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, August 9th. Finally, Royal Bank of Canada reduced their target price on Pactiv Evergreen from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Thursday, September 9th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $15.88.

The company has a debt-to-equity ratio of 4.28, a current ratio of 2.18 and a quick ratio of 1.19. The company has a market cap of $2.25 billion and a P/E ratio of -9.93. The business has a 50-day moving average of $12.82 and a two-hundred day moving average of $14.15.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results on Wednesday, August 4th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Pactiv Evergreen had a negative net margin of 2.66% and a positive return on equity of 11.98%. Equities analysts anticipate that Pactiv Evergreen Inc. will post 0.7 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Stockholders of record on Wednesday, September 1st were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Tuesday, August 31st. Pactiv Evergreen’s dividend payout ratio (DPR) is presently 28.17%.

Several institutional investors have recently bought and sold shares of the company. American Century Companies Inc. boosted its stake in shares of Pactiv Evergreen by 5.7% in the second quarter. American Century Companies Inc. now owns 5,865,404 shares of the company’s stock worth $88,392,000 after acquiring an additional 313,997 shares during the last quarter. Vanguard Group Inc. boosted its stake in Pactiv Evergreen by 3.6% during the second quarter. Vanguard Group Inc. now owns 3,437,615 shares of the company’s stock worth $51,804,000 after buying an additional 119,501 shares during the last quarter. Sachem Head Capital Management LP lifted its stake in shares of Pactiv Evergreen by 29.8% in the 1st quarter. Sachem Head Capital Management LP now owns 3,375,000 shares of the company’s stock valued at $46,373,000 after purchasing an additional 775,000 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Pactiv Evergreen by 46.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,356,297 shares of the company’s stock valued at $46,116,000 after purchasing an additional 1,060,023 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of Pactiv Evergreen by 1.7% in the 2nd quarter. BlackRock Inc. now owns 2,854,410 shares of the company’s stock valued at $43,017,000 after purchasing an additional 48,120 shares during the last quarter. Institutional investors and hedge funds own 22.63% of the company’s stock.

Pactiv Evergreen Company Profile (NASDAQ:PTVE)

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, dinnerware, and other products.

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